National law firm Bond Dickinson’s Bristol office has played a key role in advising Chrysaor, the UK oil and gas independent, on its multi-billion dollar deal to acquire a package of UK North Sea assets from oil giant Shell.
Working alongside US law firm Dechert, the Bond Dickinson team looked after a spectrum of oil and gas legal work, including an extensive due diligence exercise, specialist advice on matters such as decommissioning, and advice on and negotiation of a spread of commercial contracts. The Bristol team was led by energy partner Chris Towner, 
.
The $3bn-plus transaction relates to a package of assets in the UK North Sea and consists of Shell’s interests in Beryl, Bressay, Buzzard, Elgin-Franklin, Erskine, Everest, the Greater Armada cluster, J Block, Lomond, plus a 10% stake in Schiehallion. The assets being acquired produced 115,000 barrels of oil equivalent a day in 2016.
Following completion, Chrysaor will become the leading UK independent focused on the North Sea. The deal is expected to complete in the second half of this year and will result in the transfer of around 400 Shell staff to Chrysaor.
London-based Bond Dickinson partner Paul Stockley said: “This transaction was a real group effort involving a cross-disciplinary team in our Aberdeen, Bristol and London offices and working alongside Jonathan Angell and his team at Dechert. We’re delighted to have worked with Chrysaor on this significant acquisition that will support the company’s growth ambition as it becomes the UK’s leading independent oil & gas company.”
Chrysaor chief executive Phil Kirk added: “Chrysaor is acquiring a high-quality package of assets which combine low cost production, a substantial reserves and resources base with strong cashflows and a highly competent and skilled workforce. These assets, combined with our own experience and the outstanding team who will transfer from Shell, provide an excellent platform for change and growth in the North Sea. This acquisition is the result of months of discussions and negotiations and we’re grateful to Bond Dickinson for being a trusted advisor throughout the process.”
Bond Dickinson employs more than 250 people in Bristol, which is its second-largest office.
